Did You Hear? Reserve Capital Hires Property Management Expert

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As Reserve Capital Partners continued to add office and industrial properties, it knew it would need to hire an experienced property management executive to oversee its growing portfolio.

The Dallas-based real estate investment firm found that person in Jacqueline Byrd, a 25-year industry veteran who spent a dozen years as vice president and regional director of property management at multinational real estate investment trust DCT Industrial, which Prologis acquired in August. 

Byrd said she looks to grow Reserve Capital’s property management team in anticipation of the firm’s increased acquisition activity, which generally focuses on assets ranging from $20 million to $100 million. Reserve Capital Partners Fund I, the firm’s private equity fund, is expected to have up to $300 million in assets when it’s completely deployed – and providing quality property management to new tenants will be vital, said Byrd. “There’s no substitute for customer service and relations.”

Reserve Capital partner Clint Riley said the firm had sought someone to oversee property management for about a year. Previously, the firm had used a hybrid system of a third-party management provider with some internal team members. Having Byrd lead a fully in-house property management team will ensure consistent, high-quality services to Reserve’s tenants, Riley said. 

Retaining tenants is critical, he said, because the cost of replacing them is high, especially as tenant improvement costs increase. “We work to be long-term partners with our clients,” Riley said. “The real estate doesn’t work without tenants.”

Did you know?  Byrd loves to travel the world with her immediate and extended family. Last year, the entire group traveled to South Africa. Early next year, they’ll head to Egypt. Even while relaxing in Egypt, Byrd said she won’t be able to help but assess the level of management at the places and properties they visit.

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Reserve Capital Partners Adds Managing Director of Property Management to Growing Company

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Reserve Capital Partners (RCP), a Dallas-based commercial real estate investment firm focused on industrial and office assets, announces today the appointment of Jacqueline Byrd as Managing Director of Property Management. Byrd brings 25+ years of real estate industry experience spanning office, industrial, medical, retail and residential markets.

Prior to joining Reserve Capital Partners, Byrd served as vice president of Property Management for DCT Industrial Trust for seven years. She also held leadership positions with Grubb & Ellis Management Services and Prentiss Properties Trust.

“I am thrilled to be a part of a thriving company like Reserve Capital Partners. I was eager to join RCP after getting to know the partners, their backgrounds and seeing what we have the ability to accomplish,” said Byrd. “I believe we have expertise that will put us among the major players in the real estate industry, and I am excited to establish our property management platform.”

As Reserve Capital Partners continues to grow its portfolio, Byrd will compile a team of property managers and experienced real estate professionals, and will oversee, guide and direct its property management operations.

“Jacqueline is already such a valued member of the RCP team,” said Brant Landry, partner for Reserve Capital Partners. “Her experience is highly valued in such a competitive real estate market like we have in Texas.”

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Densification of Sprawling DFW Region Putting Premiums on Well-Located Properties

Reserve Capital Partners' Purchase of Danari Office Park Reflective of Impact North Texas' Density is Having on Investments

Dallas-based Reserve Capital Partners' latest deal to land in the last six months - the acquisition of Danari Office Park - fits squarely into the private equity firm's investment strategy and illustrates the impact North Texas' densification is having on real estate investments. 

Reserve Capital partnered with Southlake, TX-based Trinity Private Equity Group to acquire the three-building, 111,286-square-foot office complex, located at Preston and Belt Line roads in North Dallas, for an undisclosed sum. The park last sold at $10.5 million in 2007. It was last valued by county appraisers at about $8 million. 

"We like to target value-add opportunities in irreplaceable locations," Brant Landry, a partner at Reserve Capital, told CoStar News. "This is a strategic play for us that has been, so far, serving us well."

To date, Reserve Capital has deployed $60 million of its $300 million fund acquiring properties, including Hidden Grove at Park Central in North Dallas. The firm has an $80 million property under contract in San Antonio with hopes of investing in more Texas markets. 

"The building in San Antonio matches the profile we are looking for in a property with a similar size to Danari Office Park in a similar-type location," Landry added. "There is nothing broken about it; it's a great building, but it needs another long-term owner and a little TLC."

Ron Hebert, a first vice president of investments for Marcus & Millichap's Dallas office, said he is seeing an increased investor interest in well-located properties as Dallas-Fort Worth continues to sprawl with the influx of new residents.

"Traffic is getting worse and people want to live closer to work," Hebert told CoStar News. "If they want a 30-minute commute, it's no longer 15 miles, but 10 miles away. Everything is becoming denser, which is helping the investment value of existing buildings."

Hebert represented the seller of Danari Office Park, California-based Adler Realty Investments, Inc. He and his colleague Joe Santelli of Marcus & Millichap also procured the buyer. 

Reserve Capital Partners plans to upgrade the park with improvements to the common spaces and tenant amenities, and rebrand the park as Preston Grove. The firm has hired Dallas-based Holt Lunsford Commercial to lease and manage the office buildings. 

Meanwhile, Reserve Capital Partners is seeking more deals with plans to fully deploy its $300 million value-add real estate fund by mid-2019. The team is underwriting a handful of properties in Dallas-Fort Worth right now, Landry said.

Upon deploying the entire fund, the Reserve Capital team plans to raise a second real estate fund.

"Our average deal size is $20 million to $25 million," Landry said. "We'd like them to be larger, but they have to be the right deal."

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